Strive bought another 3,311 BTC worth roughly $280 million in its biggest single purchase since January. Strive is accumulating Bitcoin at its fastest pace of the year. The Nasdaq-listed asset manager trades under the ticker ASST. Strive disclosed in a Monday filing that the company bought the Bitcoin between Oct. 5 and Oct. 9. The average purchase price was about $84,500 per coin, including fees. The purchase increased Strive's holdings from 29,462 BTC a week earlier to 32,773 BTC, worth roughly $2.73 billion at today's prices.
Strive added $169 million in Bitcoin earlier this month, which was then the company's largest purchase in four months. Strive previously increased its holdings beyond 27,000 BTC with a $94.5 million purchase in late September. The latest purchase occurred during a difficult week for Bitcoin, at an average price below recent highs near $87,000.
Strive, led by CEO Matthew Cole, is among public companies adopting Bitcoin treasury strategies. These companies raise capital to accumulate Bitcoin and link their share prices to Bitcoin's performance. Michael Saylor's Strategy pioneered the model, which has attracted numerous participants. Strive went public through a merger with Asset Entities and recently completed a merger with Semler Scientific to expand Strive's balance sheet. Strive also holds about 505,000 shares of Strategy's STRC preferred stock, valued near $50 million. Strive holds roughly $310 million in cash.
Other cryptocurrency treasury companies have also continued buying assets. Strategy recently added $21.5 million in Bitcoin while buying back preferred stock. Solana treasury firm DeFi Development Corp. continued accumulating SOL. Bitmine continued accumulating Ethereum. Bitmine chairman Tom Lee said Bitmine is nearly finished buying and will halt purchases once Bitmine holds 5% of Ethereum's supply.
Strive's financial performance depends on Bitcoin, a highly volatile asset. Buying during a decline can benefit Strive if Bitcoin rebounds, but the same exposure creates downside risk. Treasury companies have faced scrutiny over how much their stock premiums depend on continued accumulation.
Strive Buys $280M in Bitcoin, Largest Purchase in Months
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Summary
Strive, a Nasdaq-listed asset manager, bought 3,311 BTC worth about $280 million from October 5 to 9. This marks its biggest Bitcoin purchase since January, with an average price of $84,500 per coin. The acquisition raises its holdings to 32,773 BTC, valued at around $2.73 billion. Strive has continued to build its Bitcoin position with a $169 million purchase this month and a $94.5 million buy in late September. The firm's CEO, Matthew Cole, is part of a rising trend of public companies investing in Bitcoin. Firms like Strategy and Bitmine are also active in the Bitcoin analysis space.
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